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Feb 5, 2013
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under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next ten years u.s. debt will increase $10 trillion from a little more than 16 trillion-dollar now to more than $26 trillion in 2023. >> you can't raise enough tax to say pay for this problem. you won't grow fast enough to get rid of this problem. you ultimately have to deal with spending. >> after 2023, the debt begins to soar. >> after that it's going to grow and reach the trillion and go beyond the trillion. so at no point in the foreseeable future is the deficit going to come down to manageable level. >> noting repeatedly high debts are bad and dangerous as he put
under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next...
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Feb 10, 2013
02/13
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we would replace that sequester with deficit reduction achieved over a longer time. >> you, in suburban maryland, represent a lot of people that would be directly affected if the sequester hits. do you think the administration is doing a good job of preparing federal workers and folks whose paychecks depend on what happens in the next few weeks for how it will work and how to plan their lives? >> we have been urging them to provide guidance to federal employees because as we get closer to the date there is more and more anxiety, understandably. they are trying to provide notice to employees about things that can be expected, but the problem is it affect each agency differently, so there is not one rule of thumb that will apply to every federal agency. part of the impact will depend on the extent to which employees make up most of the budget, as opposed to agencies that have more of a procurement budget or their budget is contracted out. i should emphasize that while it will hit federal employees and that is not good for anyone, that will hurt -- it will hurt around the country. let's ta
we would replace that sequester with deficit reduction achieved over a longer time. >> you, in suburban maryland, represent a lot of people that would be directly affected if the sequester hits. do you think the administration is doing a good job of preparing federal workers and folks whose paychecks depend on what happens in the next few weeks for how it will work and how to plan their lives? >> we have been urging them to provide guidance to federal employees because as we get...
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Feb 7, 2013
02/13
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and i appreciate your answers on that, and you addressed it again today in terms of potential trust deficit or you said that that's wholly unacceptable. you would give straight answers and be blunt and candid. and you've been that today. it's not a prerequisite to be mr. con jean yalt to ageniality. the kind of issues you have to deal with require straight talk, straight answers, and getting to the chase real quick. you said it's the new jersey way. i'll accept that. it's bipartisan. governor christie exhibits the same kind of responses and has a pretty high approval rating. so we will go forward with taking you at your word and we'll have the kind of relationship that we can have a blunt, straightforward, fully disclosed working relationship. i think it's critical to our ability to provide oversight, our ability to have the right kind of relationship with the agency so we know where each other is and can move forward together in terms of what needs to be done to provide intelligence necessary to protect the american people. so i wanted to say that. i'd like to follow up a little bit more o
and i appreciate your answers on that, and you addressed it again today in terms of potential trust deficit or you said that that's wholly unacceptable. you would give straight answers and be blunt and candid. and you've been that today. it's not a prerequisite to be mr. con jean yalt to ageniality. the kind of issues you have to deal with require straight talk, straight answers, and getting to the chase real quick. you said it's the new jersey way. i'll accept that. it's bipartisan. governor...
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now, at some point we're going to have to begin reducing the deficit. when we do, the economy will be weak. that will make the deficit challenge even greater. it's a negative feedback loop. right now when all these democrats say, look, mr. market is saying go ahead, borrow, we don't square. that is not a really market. that's the echols building. that's one side of washington telling the other side, don't worry, i'm buying all the bonds. now, if you think this kind of ponzi finance is anything to do with capitalism or free markets or anything to do with sustainability, then you've read an economic textbook that didn't even exist in 1995. dagen: david, thank you so much. david stockman, i know it's like facelift. like the first few you get it kind of hides your age, but eventually you're going to look, well, 8 6. connell: hasn't thought of it that way, but as always, you bring up a unique perspective. dagen: what? i'm really 75. connell: well, you look great. the ftc is pressing for new guidelines on the mobile industry. dagen: and if your worried you --
now, at some point we're going to have to begin reducing the deficit. when we do, the economy will be weak. that will make the deficit challenge even greater. it's a negative feedback loop. right now when all these democrats say, look, mr. market is saying go ahead, borrow, we don't square. that is not a really market. that's the echols building. that's one side of washington telling the other side, don't worry, i'm buying all the bonds. now, if you think this kind of ponzi finance is anything...
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Feb 7, 2013
02/13
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and it's estimated to reduce the deficit by $3.3 trillion. remember, we're trying to hit $4 trillion. so we're getting closer. the plan ends tax loopholes for yachts and for jets. it reduces the corporate meal and entertainment deduction to 25%. you can't write off the whole dinner anymore. it ends fossil fuel subsidies for oil companies that are raking in massive profits. exxonmobil, you know what their profit was? $44 billion in 2012. the last thing they need right now is your tax dollars as subsidy. the balancing act also closes other pointless loopholes the rich take advantage of. we should point out mitt romney ran on a similar tax plan. his former running mate paul ryan should love the balancing act because it reduces the deficit. everyone inside the beltway considers mr. ryan just a very serious person. but here is how paul ryan wants to reduce the deficit, with nothing but cuts. and here is the balanced approach from the progressive caucus. you know, when we need budget advice in the future, i think we should kind of push paul ryan of
and it's estimated to reduce the deficit by $3.3 trillion. remember, we're trying to hit $4 trillion. so we're getting closer. the plan ends tax loopholes for yachts and for jets. it reduces the corporate meal and entertainment deduction to 25%. you can't write off the whole dinner anymore. it ends fossil fuel subsidies for oil companies that are raking in massive profits. exxonmobil, you know what their profit was? $44 billion in 2012. the last thing they need right now is your tax dollars as...
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Feb 8, 2013
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. >> i want to listen to something that john boehner said about how we have handled deficits over the years. let's listen to this. >> at some point, washington has to deal with its spending problem. now, i've watched them kick this can down the road 22 years that i've been here. i've had enough of it. it's time to act. >> that is -- i'm trying to think of a word other than lie. kick the can down the road? we had a big tax increase in 1993 with president clinton along with big spending cuts. >> right. >> it was a deficit reduction package that worked. they continued to do more deficit reducing package with newt gingrich on the spending side throughout the decade and we're on our way to a surplus. >> that's right. i've been calling it the undecade, the 1990s has been written out of their record. they would have you believe that it was always the way it was under reagan and then bush. >> why don't they just say, leave off the clinton tax increase, which helped a lot, and just claim they did it for spending cuts? >> because if they do, if they admit that something nice happened in the '90
. >> i want to listen to something that john boehner said about how we have handled deficits over the years. let's listen to this. >> at some point, washington has to deal with its spending problem. now, i've watched them kick this can down the road 22 years that i've been here. i've had enough of it. it's time to act. >> that is -- i'm trying to think of a word other than lie. kick the can down the road? we had a big tax increase in 1993 with president clinton along with big...
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Feb 9, 2013
02/13
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it is easy for the public to focus on the debt and deficit and what is going on in washington. there is still some growth out there. the housing sector is coming back. the auto sector is coming back. those are positives that get completely put back to the forefront when everyone is talking about the debt. host: tom, elkhart, indiana. on our democrat line. caller: elkhart is the recreational vehicle capital. we went down on that in 2007 when the oil prices went up. we are manufacturing housing. we are the musical manufacturing capital. for band and treatments and such. they are made here anymore. are headquartered here, but the work is not here. i do not see how this works. host: were you at the president 's speech in 2009? what did you think when the president came to town? caller: it was helpful. he is doing what he can. he has faced a lot of resistance. it is postindustrial. i am working in michigan four eight federally subsidized wheelchair van. mostly my passengers are senior citizens and disabled people. the 47% that romney talked about. host: we will move on to charles, a
it is easy for the public to focus on the debt and deficit and what is going on in washington. there is still some growth out there. the housing sector is coming back. the auto sector is coming back. those are positives that get completely put back to the forefront when everyone is talking about the debt. host: tom, elkhart, indiana. on our democrat line. caller: elkhart is the recreational vehicle capital. we went down on that in 2007 when the oil prices went up. we are manufacturing housing....
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Feb 7, 2013
02/13
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us to invest in those things that we need to grow right now because that's also a deficit reduction agenda that's growing faster. and in order to have a balanced package that means that we've already done a lot of cuts. we've done some revenue now, and so the rest of the way moving forward we can do some additional reforms and make our health care programs work better and make them more efficient, and we can cut out programs that we don't need, but it also means that we've got to be able to close some tax loopholes and deductions that the average american cannot take advantage of, to raise the revenue, to actually do the job in a way that allows us to continue to grow. now, the reason this is relevant is because i gather and i haven't gotten this from first-hand sources, but from second hand sources in the press that our friends on the other side of the aisle, their position is we're concerned about the sequester. we recognize that just cutting the federal spending with the meat ax as opposed to scalpel is probably damaging and will damage our national security and will damage our e
us to invest in those things that we need to grow right now because that's also a deficit reduction agenda that's growing faster. and in order to have a balanced package that means that we've already done a lot of cuts. we've done some revenue now, and so the rest of the way moving forward we can do some additional reforms and make our health care programs work better and make them more efficient, and we can cut out programs that we don't need, but it also means that we've got to be able to...
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Feb 10, 2013
02/13
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it's-- we are facing a situation with these deficits that in three or four more years, the deficit's going to be down to 600 or 700 billion dollars a year which is an enormous amount of money and then we're going to have another recession and it's going to go up to 1.5 or even more trillion dollars and we're not going to be able to deal with it and if we have inflation which we're going to have at some point we won't be able to pay the debt service. and now it's in the long run we'll be dead with his policies and that's where we are now, we've got to deal with the long run and forget about the short-term. >> brenda: and john, that's actually only one more quarter of negative gdp we'll be in recession? >> sorry about that. >> all cuts are good as far as i'm concerned, but a meat ax is a little bit of exaggeration, this is more like a butter knife that these cuts are so small, there's nothing there and he what i would like to see is the government take more of a private sector approach, like a businessman and say, let's evaluate what we have 'cause many of these government programs ove
it's-- we are facing a situation with these deficits that in three or four more years, the deficit's going to be down to 600 or 700 billion dollars a year which is an enormous amount of money and then we're going to have another recession and it's going to go up to 1.5 or even more trillion dollars and we're not going to be able to deal with it and if we have inflation which we're going to have at some point we won't be able to pay the debt service. and now it's in the long run we'll be dead...
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they see big deficits. this is an opportunity to real against deficits and of course what you must do is cut social security benefits for some reason to deal with the current deficit and so that's a big part of it. and that influences the debate. the other thing is there are a lot of people in d.c. who posture, whose persona is that of being serious and you show that by being lling to impose suffering and cuts. the serious thing to do right now to spend is very, very. so they don't -- i think they just find it hard to even wrap their minds around the notion that the opposite of what they usually call for is what you need to do right now. >> and i think that's particularly true in the case after financial crises. in your earlier book you talk about the idea that there's a sense -- deep intuitive moral sense in which people feel you need to pay penance, right? >> right. >> if there's been crisis, there's been sin, and the only way to get oust sin is penance, and you have a great argument about that in your bo
they see big deficits. this is an opportunity to real against deficits and of course what you must do is cut social security benefits for some reason to deal with the current deficit and so that's a big part of it. and that influences the debate. the other thing is there are a lot of people in d.c. who posture, whose persona is that of being serious and you show that by being lling to impose suffering and cuts. the serious thing to do right now to spend is very, very. so they don't -- i think...
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Feb 6, 2013
02/13
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his party, focusing on issues like education and health care and spend less time talking about the deficit. >> really? oh, yes. eric cantor to the rescue. he is ready to save the republican image and put a stop to the electoral college losses, right? of course, this is not the first time eric cantor has tried to save the party. you see, it actually is the fourth attempt that he has had. in 2009, cantor held a pizza party, remember that? with jeb bush and mitt romney by launching the national council for a new america that didn't work. a year later, cantor was back at it. he was one of the young guns ready to take the republican party by storm. >> there is a better way, and a new team is ready to bring america back. eric cantor, kevin mccarthy, paul ryan joined by common-sense conservative candidates from across the country. together, they are ready to make history. together they are the young guns. >> the good old days. in 2011, cantor launched the you cut program. he wanted to get the public to vote on weekly cuts to federal government. another year, another failure. so today cantor launc
his party, focusing on issues like education and health care and spend less time talking about the deficit. >> really? oh, yes. eric cantor to the rescue. he is ready to save the republican image and put a stop to the electoral college losses, right? of course, this is not the first time eric cantor has tried to save the party. you see, it actually is the fourth attempt that he has had. in 2009, cantor held a pizza party, remember that? with jeb bush and mitt romney by launching the...
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Feb 7, 2013
02/13
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some of that can be used for deficit reduction. would be a lot more appealing than other taxes or cuts in entitlements, those are very difficult measures. >> a cost to carbon, and the one of those proposals, do you think that happens during the second term of the obama administration? >> i hope it will. it is a long shot because of the opposition from some republicans. a secretary, secretary schulz, a secretary of state and economic adviser under nixon and reagan, he supported the idea of a tax. a lot of republicans said, let's tax carbon and use the tax money to reduce other taxes, like corporate taxes. let's do something to move the incentives away from adding more greenhouse gases into the atmosphere. >> a democratic caller. >> good morning, c-span. the morning. that last caller, i am thankful for guys like you. i am appreciative. unfortunately, the message we are trying to get across is that global warming, how it affects the jet streams and the weather and how that intern causes climate change. the knuckle draggers you were ju
some of that can be used for deficit reduction. would be a lot more appealing than other taxes or cuts in entitlements, those are very difficult measures. >> a cost to carbon, and the one of those proposals, do you think that happens during the second term of the obama administration? >> i hope it will. it is a long shot because of the opposition from some republicans. a secretary, secretary schulz, a secretary of state and economic adviser under nixon and reagan, he supported the...
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Feb 9, 2013
02/13
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it's-- we are facing a situation with these deficits that in three or four more years, the deficit's going to be down to 600 or 700 billion dollars a year which is an enormous amount of money and then we're going to have another recession and it's going to go up to 1.5 or even more trillion dollars and we're not going to be able to deal with it and if we have inflation which we're going to have at some point we won't be able to pay the debt service. and now it's in the long run we'll be dead with his policies and that's where we are now, we've got to deal with the long run and forget about the short-term. >> brenda: and john, that's actually only one more quarter of negative gdp we'll be in recession? >> sorry about that. >> all cuts are good as far as i'm concerned, but a meat ax is a little bit of exaggeration, this is more like a butter knife that these cuts are so small, there's nothing there and he what i would like to see is the government take more of a private sector approach, like a businessman and say, let's evaluate what we have 'cause many of these government programs ove
it's-- we are facing a situation with these deficits that in three or four more years, the deficit's going to be down to 600 or 700 billion dollars a year which is an enormous amount of money and then we're going to have another recession and it's going to go up to 1.5 or even more trillion dollars and we're not going to be able to deal with it and if we have inflation which we're going to have at some point we won't be able to pay the debt service. and now it's in the long run we'll be dead...
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Feb 6, 2013
02/13
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not only have they failed to come together around a big plan to reduce the deficit. they have also failed in their basic responsibility to pass appropriations bills. how we fund the government each year. we are operating today, continuing resolution on appropriations, because they failed to pass appropriations bills. the last time that congress passed all the appropriations bills and timeless 1994. it was in 1994. that is a basic responsibility. to be able to fund the government. my fear is that there is a dangerous and callous attitude that is developing among some republicans and some democrats. that these danhat these dangeroe allowed to take place in order to blame the other party or the consequences. this is a kind of so what attitude. it says let's see how bad it can get. in order to have the other party blink. i have seen that attitude before. it was the same attitude that led to a government shutdown in 1995. the same attitude. the other side will blink. even though it will hurt people. even if it's going to hurt our citizens or our security. this is a good w
not only have they failed to come together around a big plan to reduce the deficit. they have also failed in their basic responsibility to pass appropriations bills. how we fund the government each year. we are operating today, continuing resolution on appropriations, because they failed to pass appropriations bills. the last time that congress passed all the appropriations bills and timeless 1994. it was in 1994. that is a basic responsibility. to be able to fund the government. my fear is...
SFGTV2: San Francisco Government Television
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the great deficit in this country is the investment deficit, the investment in people and infrastructure. there were attempts to revive it. it was a super committee proposal. i think it is a good thing the super committee failed to reach an agreement. we will see where that goes. it was not a fair deal. there was so little revenue and so much padding. -- so much cutting. someone was writing the other day that the anti-tax mania is at an all-time low. reagan was willing to raise taxes. it shows how extreme. someone said the of the grover norquist may be the most powerful person in america. the new pledge he has held canada is to. he has held candidates -- the new pledge he has held the new candidates to is keeping millions -- it has a role to play in a country rich in the land grant colleges, highways, bridges. i understand the bridge out here is about to be built. i am all for infrastructure. >> obama in a way has to be the luckiest politician. if you look at the republican lineup -- [laughter] it is like michael dukakis in an oversized tank hat. >> the idea that newt gingrich is now at
the great deficit in this country is the investment deficit, the investment in people and infrastructure. there were attempts to revive it. it was a super committee proposal. i think it is a good thing the super committee failed to reach an agreement. we will see where that goes. it was not a fair deal. there was so little revenue and so much padding. -- so much cutting. someone was writing the other day that the anti-tax mania is at an all-time low. reagan was willing to raise taxes. it shows...
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Feb 7, 2013
02/13
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american people understand -- i believe the american people understand that, yes, we need to reduce the deficit, but it shouldn't just be on the backs of seniors. it shouldn't be just on the backs of young people who are trying to get a college education. it should not be on the backs of parents who are trying to give their kids a better start in life. that all of us have to participate and that, in fact, it's important for us to make sure we've got a strong national defense and that we reduce our spending in a smart way. those of us who are luckiest in the society to close a few loopholes and deductions that the average american doesn't get. if that's the choice that we've got, i promise you we can win that debate because we're on the right side of this argument. i hope -- i expect that you guys will be with me on that. last point i'll make, obviously economic growth is a priority. making sure that we're opening up opportunity for everybody is also important. that's why emgregs reform is so critical. i said this is going to be a top priority and an early priority of my administration. i am hea
american people understand -- i believe the american people understand that, yes, we need to reduce the deficit, but it shouldn't just be on the backs of seniors. it shouldn't be just on the backs of young people who are trying to get a college education. it should not be on the backs of parents who are trying to give their kids a better start in life. that all of us have to participate and that, in fact, it's important for us to make sure we've got a strong national defense and that we reduce...
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Feb 6, 2013
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he wants to do some long-term spending reduction on the de deficit. republicans say don't trust him. i don't think republicans will be swayed by the cbo report. they have what they see as a mandate from voters, cut spending. >> let me bring in congressman john yarmuth. what would you like to see? >> i think some of the spending you mentioned could be very youthful. some of the farm subsidies that are unjustified. i'd like to consider a securities transaction pack, the so called wall street packs that can raise tens of billions of dollars. and we can do some cutting, but in that cbo report that you mentioned, it also said that the kind of austerity program which the sequester would represent would be damaging to the recovery, would hurt gdp, and, of course, that's in line with what most economists believe. i think we've got to be very careful when we just say we've got a cut, without regard to the impact of those cuts, both on the economy and on some very important programs. >> you know what the republicans' answer to that is. they say one of the conce
he wants to do some long-term spending reduction on the de deficit. republicans say don't trust him. i don't think republicans will be swayed by the cbo report. they have what they see as a mandate from voters, cut spending. >> let me bring in congressman john yarmuth. what would you like to see? >> i think some of the spending you mentioned could be very youthful. some of the farm subsidies that are unjustified. i'd like to consider a securities transaction pack, the so called wall...
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Feb 10, 2013
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you've been worried about the deficit. what do you say to this argument that trying to reduce the deficits in europe has been a disaster? it's slowed growth, slowed tax reeve news and increased the deficit? >> let me just say i am not in favor of reducing the deficit now. the short term i am not in favor of reducing the deficit. but i do think there have to be some longer-term plans that give the financial markets some degree of confidence that we're not just going to blow apart. i think this is something on the longer term which is what bowles-simpson was all about, something which i favored totally. so i think that was a combination of including longer-term control over some of our big expenditures, particularly in health care. and that is something we have to do. i think the president could get some things if, in fact, he addressed some of these longer term issues but he walked away from that and there's no confidence that he really cares about it. >> let's talk about common -- noneconomic things. i would have thought y
you've been worried about the deficit. what do you say to this argument that trying to reduce the deficits in europe has been a disaster? it's slowed growth, slowed tax reeve news and increased the deficit? >> let me just say i am not in favor of reducing the deficit now. the short term i am not in favor of reducing the deficit. but i do think there have to be some longer-term plans that give the financial markets some degree of confidence that we're not just going to blow apart. i think...
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Feb 7, 2013
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we believe there's a better way to lower the deficit. but americans do not support sacrificing real spending cuts for more tax hikes. the president's sequester should be replaced with spending cuts reforms that put us on a path that would balance the budget over next 10 years. the american people believe that the tax question have -- tax question has been settled. they know the president called for a balanced approach to the debt, a combination of revenues and spending cuts. and they know that he has done his revenue. the american people do not believe -- he has gotten his revenue. the american people do not believe that he will not get more revenue to lower the debt. the president does not believe we have a spending problem care he genuinely believes the government's spending causes economic growth. if that weren't true, the economy would be thriving. small businesses are struggling. middle-class families, those that are lucky enough to have a job, are living paycheck to paycheck. and president obama just insisted on raising their taxes
we believe there's a better way to lower the deficit. but americans do not support sacrificing real spending cuts for more tax hikes. the president's sequester should be replaced with spending cuts reforms that put us on a path that would balance the budget over next 10 years. the american people believe that the tax question have -- tax question has been settled. they know the president called for a balanced approach to the debt, a combination of revenues and spending cuts. and they know that...
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that is how we will reduce our deficit. that is america built to last. [laughter] -- [applause] i recognize that people watching tonight have differing views about taxes and debt and energy and health care. no matter what party they belong to, i bet most americans are thinking the same thing right about now -- nothing will get done in washington this year. or next year. or the year after that, because washington is broken. can you blame them for feeling all little bit cynical? the greatest blow to our confidence in our economy last year did not come from event beyond our control. it came from a debate in washington over whether the united states would pay its bills or not. who benefited from that fiasco? i talked tonight about the deficit of trust between main street and wall street. but the divide between the city and the rest of the country is at least as bad, and it seems to get worse every year. host: from january of last -- of last year, the president in his state of the union address. some of the same themes it will continue this week. -- will cont
that is how we will reduce our deficit. that is america built to last. [laughter] -- [applause] i recognize that people watching tonight have differing views about taxes and debt and energy and health care. no matter what party they belong to, i bet most americans are thinking the same thing right about now -- nothing will get done in washington this year. or next year. or the year after that, because washington is broken. can you blame them for feeling all little bit cynical? the greatest blow...
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Feb 6, 2013
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the deficit goes back up even though we saw it go slightly down. they're calling this the sandwich generation, the people in the middle getting squeezed by taking care of their older parents that can't retire early and taking care of kids. youth unemployment at 11.5. >> more of the middle class becoming the working poor at this point. and the problem is, you can't ask the guy a question. he makes an announcement. you can't ask him a question to get meaningful discussion to hear the other side. when you have the chance, and he was able to have control to put something through, what did he do? we're still hearing blame it on bush. that's old. >> also tax hikes. we'll have the highest spending and highest government spending and highest tax rates. i'm not sure who is can connecte dots to create jobs. >> can i say something? the new normal is the old miserable. the carter era with bandwidth. does he care about the fracturing. the harder american life gets the more he can change it. when we take the bus instead of drive that's progress. he sees shrinkag
the deficit goes back up even though we saw it go slightly down. they're calling this the sandwich generation, the people in the middle getting squeezed by taking care of their older parents that can't retire early and taking care of kids. youth unemployment at 11.5. >> more of the middle class becoming the working poor at this point. and the problem is, you can't ask the guy a question. he makes an announcement. you can't ask him a question to get meaningful discussion to hear the other...
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Feb 6, 2013
02/13
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MSNBCW
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we believe there is a better way to reduce the deficit but americans do not support sacrificing real spending cuts for more tax hikes." >>> efforts by the white house to head off spending cuts come as a new government report predicts the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year. that's compared to $1.1 trillion short fall. the outlook predicts the improvements will not last. it warns that an aging population will drive up retirement spending and rising interest rates will put the debt at unsustainable level it's current laws remain in place, debt by 2023 will equal 77% of gross domestic product. that is roughly double the 39% average seen over the past 40 years. >>> coming off the republicans' bruising defeat, eric cantor is looking to rebrand his party n a speech at a d.c. think tank, he moved away from his combative tone expressing a need to work on issues with president obama impor
we believe there is a better way to reduce the deficit but americans do not support sacrificing real spending cuts for more tax hikes." >>> efforts by the white house to head off spending cuts come as a new government report predicts the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year....
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Feb 10, 2013
02/13
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FOXNEWSW
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we have a budget deficit problem we have to address. right now we have low interest on the national debt, and it's a googood time for us to act to loather deficit. we think the deficit and the national debt are at a moral level. we think they must be reduced. we're sick and tired of paying interest on the national debt. that's 15%. that's a large percentage of the budget. >> joining us now is the anchor of "fox news sunday" chris wallace. good morning, chris. >> how are you, eric? >> eric: we heard her say that the national debt is at immoral levels. how do we fix it? what would you say? >> well, the pressure the president -- expression the president used a lot during the campaign, and you know what that means. i suspect it's very different than the republicans, but also yes, tax increases and spending cuts. no more raising of rates but there's a lot that can be done in taking away loopholes, dehe duckses on the wealthy, do away with the subsidies to the oil companies, the buffett role that anybody who makes more than a million dollars
we have a budget deficit problem we have to address. right now we have low interest on the national debt, and it's a googood time for us to act to loather deficit. we think the deficit and the national debt are at a moral level. we think they must be reduced. we're sick and tired of paying interest on the national debt. that's 15%. that's a large percentage of the budget. >> joining us now is the anchor of "fox news sunday" chris wallace. good morning, chris. >> how are...
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Feb 5, 2013
02/13
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CNNW
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to pay down the deficit. and potentially to make our businesses more competitive. now, i think this balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and the senate are working towards budget proposals that i hope reflect this balanced approach. having said that, i know that a full budget may not be finished before march 1st, and unfortunately that's the date when a series of harmful automatic cuts to job-creating investments and defense spend, also known as sequester, are scheduled to take effect. so, if congress can't act immediately on a bigger package, if they can't get a bigger package done by the time the sequester is scheduled to go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a
to pay down the deficit. and potentially to make our businesses more competitive. now, i think this balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and the senate are working towards budget proposals that i hope reflect this balanced approach. having said that, i know that a full budget may not be...
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Feb 10, 2013
02/13
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CSPAN
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you addressed it today in terms of trust deficit, you said that was unacceptable. you would give straight answers and be blunt and candid.you have been that today. it is not a prerequisite to do that to be director of c.i.a.-- to be a man of congeniality to be director of the c.i.a. so i don't hold that as -- it would probably be a red flag if someone had that award and wanted your position. the kind of issues you have to deal with require straight talk, straight answers, and getting to the chase real quickly. you said it is the new jersey way, i accept that, it is bipartisan. governor christie exhibits the same kind of responses and has a pretty high approval rating. so we will go forward with taking you at your word. we will have the kind of relationship where we can have a blunt, straight forward, fully disclosed working relationship. i think it is critical for us to provide oversight, the ability for us to have the right kind of agencies so we know where each other is and move forward together in terms of what needs to be done to provide intelligence to that ne
you addressed it today in terms of trust deficit, you said that was unacceptable. you would give straight answers and be blunt and candid.you have been that today. it is not a prerequisite to do that to be director of c.i.a.-- to be a man of congeniality to be director of the c.i.a. so i don't hold that as -- it would probably be a red flag if someone had that award and wanted your position. the kind of issues you have to deal with require straight talk, straight answers, and getting to the...